Case Study
1 minute

A success story in a nutshell

Industry standards introduce new rules of the game for central banks that have to adjust to challenges of the digital age and the needs of their customers. Mona, the virtual assistant of the Bank of Latvia, offers first-level support at any time of the day and at any place. 30% of consultations are provided after working hours of the Customer Support Centre, which is particularly important as the Bank of Latvia used to be accessible only during business hours.




of consultations are provided after working hours


customers advised during eight months


messages from customers

Artificial intelligence has changed the rules of the game

AI solutions are increasingly adopted by the finance sector enabling the new generation of bodies make their services more accessible and convenient for the public in general and their customers in particular. Communication channels are changing as more and more customers prefer virtual communication instead of calls or on-site communication, thus, virtual assistants are considered the key to the success of the future customer service.



Day-to-day, many customers contact the consultants of the Latvian central bank with questions about release and availability of collectable coins, the current exchange rates or cash operations. Many want to find answers to unclear questions and gain knowledge before an in-person visit, while the others have questions that are not in the remit of this body. All of these factors encouraged monitoring the latest developments and adapting to customer needs.

Virtual assistant has made services offered by the Bank of Latvia more convenient and accessible

In June 2020, a new employee joined the team of the Bank of Latvia — virtual assistant Mona who helps visitors of the website find answers to the frequently asked questions at any time of the day. Mona advises customers on a number of topics: credit register, numismatic products, cash services, exchange rates and contact details. Since her first day at the bank, the new employee has advised more than 2000 users.



“Including a new and virtual colleague in the customer service offering was yet another step towards making the services of the Bank of Latvia more convenient and accessible to residents,”

Harijs Ozols,
the Head of the Information Technology Board of the bank

On the average, Mona engages in communication 40 times per day and takes over approximately 25 calls from the Customer Service Representative. Mona plays an important role in communicating with customers after the standard working hours as a third of all questions are received on weekends, in the evenings or even at night.


Advanced technology for future-oriented institutions

In developing the assistant, neural network technologies play an essential role for it to be able to analyze the natural language used by people on daily basis. Mona understands what the user is writing even in cases when the text is inaccurate or flawed. In addition, the robot learns from communication with customers. The virtual assistant platform allows employees of the Bank of Latvia monitor conversations and take them over, if needed.

Convincing results


24/7 customer service is particularly important for the 30% of customers who choose to ask questions to the virtual assistant after hours, as well as those who do not wish to call and prefer a more advanced way of communication.


In the long term, it allows to save employee time, as a large share of the communication is taken over by the virtual assistant.


Mona is a new communication channel to reach a wider audience.


This virtual assistant is also used as a documented knowledge base that is particularly useful during training of new employees.


Customers of the Bank of Latvia are satisfied, and the number of complaints has decreased thus contributing to better standing of this institution.

Future plans

It is planned that the virtual assistant Mona or its “sister” will acquire more competences, for example, to become a financial literacy assistant in the educational project My Economy.

The AI chatbot was developed on the Latvian State Administration language technology platform in co-operation with the Culture Information Systems center.